The whitefish company acquiring Norwegian cod farmer Statt Torsk has announced a private placement of new shares to raise gross proceeds between NOK 50 million (€4.3 million/$4.7 million) and NOK 100 million (€8.6 million/$9.3 million).

The company announced earlier this month that it would be looking for funds.

Shares in Vesteralen Havbruk will be offered at NOK 25 (€2.14/$2.33) per share and the net proceeds will be used to finance juvenile and ongrowing cod for both of Statt Torsk's production regions as well as a restructuring of the whitefish farmer.